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Justice A D Jagadish Chandira said the petitioner is alleged to have been involved in offenses of money laundering to the tune of Rs 700 crore.

A case was also registered by the CBI in 2013 and the economic offences wing, Chennai, against the firm for having cheated depositors of Rs 150 crore and also with regard to loans availed by petitioner from various Consortium of Bankers.

However, the petitioner has not disclosed details on how and in what manner the funds have been utilised, the judge said.

"It is the case where the petitioner has been charged for the grave economic offences for having laundered amounts to the tune of more than Rs 700 crore and the investigation is at the initial and crucial stage," the judge said.

Dismissing the bail plea, the judge said if the bail is granted to the petitioner at this stage, "it will be prejudicial to the respondent".

Based on a complaint by the Zonal Head of Bank of Baroda, (Tamil Nadu and Kerala), the CBI and Bank Securities and Fraud, Bangalore, registered a case of criminal conspiracy and cheating, among others, against the petitioner.

The case was also registered against K P Vairavan, the then AGM and Branch Head, Bank of Baroda, Corporation Financial Services Branch, Chennai and Subhiksha Trading Services Limited.

The petitioner was arrested in February 27 this year.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)